GBP/USD DAILY FORECAST 7 JULY 2011

GBP/USD

We had a bearish cs formation yesterday which was a DA86 entry, the trade yielded 73 pips.

Price went on to take out the A low and we now have a bearish AB swing in play. We are at BF786 buy territory, if we get a bullish cs formation from current levels we will buy for a 60 pip limit. Shorts are only considered higher up at the 618/786.

SHORT: WILL ONLY BE GOING SHORT IF:

Price gets to the 618/786 and gives us a bearish cs formation, trade the 618 for 60 pips and the 786 to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs from current levels. Trade it for 60 pips since it’s a shallow bounce.

EUR/USD DAILY FORECAST 7 JULY 2011

EUR/USD

No trade setups yesterday on EUR/USD.

Price fell yesterday giving us another new AB swing. We can only sell at the 618/786, or buy at the BF786, after cs formations.

SHORT: Will be going short only IF:

We rally to the 618/786 and get a bearish cs formation. Trade the 618 for 50pips and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We get a bullish cs formation after hitting the BF786. Trade this for 50 pips since it’s a shallow bounce.

GBP/USD DAILY FORECAST 6 JULY 2011

GBP/USD

We had a bullish cs formation after the 86 yesterday which rallied to the BF786 and yielded 71 pips.

Price found resistance at the B high of the swing and has fallen back since, today we are looking for a DA86 trading day, we are looking for a small rally and a fall down to the A low since we had an 86 prior. We can only buy if we get a bullish cs formation at the A low again.

SHORT: WILL ONLY BE GOING SHORT IF:

We have a DA86 trading day, we are looking for price to continue down to take out the A low, sell bearish cs formations after rallies until the A low is taken out.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs at the A low, telling us that price is heading back to the top of the range.

EUR/USD DAILY FORECAST 6 JULY 2011

EUR/USD

We had one trade setup yesterday on EUR, Price gave us a bullish cs formation that failed at the 786, we lost 32 pips.

Price fell after the cs failure and took out the low yesterday giving us a new AB downswing, starting a reversal process. We are now at the 382 of that swing; we have to wait for a 618/786 to sell, or a BF786 to buy.

SHORT: Will be going short only IF:

We rally to the 618/786 and get a bearish cs formation. Trade the 618 for 50pips and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We get a bullish cs formation after hitting the BF786. Trade this for 50 pips since it’s a 382 bounce prior.

GBP/USD DAILY FORECAST 5 JULY 2011

GBP/USD

There were no trade setups yesterday.

Price has come just shy of the 786 on this AB upswing. We can buy a bullish cs formation and trade it to the BF786. We will sell if price reaches the BF786 after we get a bearish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the BF786 and get a bearish cs formation, trade this to the A since we have a 786 prior.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation from current levels, trade it to the BF786 as a PT.

EUR/USD DAILY FORECAST 5 JULY 2011

EUR/USD

No Trade setups yesterday.

We are now at the 786 of the AB upswing, we are in buy territory, if we get a bullish cs formation here we must go long. Short trades are only considered at the BF786 after a bearish cs formation.

SHORT: Will be going short only IF:

We rally to the BF786 and get a bearish cs formation. Trade this to the A low since we would have had a 786/86 prior.

LONG: Will be going long today only IF:

We get a bullish cs formation at current levels. Trade this to the BF786 as a PT.

GBP/USD DAILY FORECAST 4 JULY 2011

REMEMBER 4^th JULY HOLIDAY – US SESSION WILL BE QUIET.

GBP/USD – HOURLY CHART

Friday we got a bearish cs formation, followed by a bullish one at the 618 support, where we exited the bearish cs formation for 41 pips profit. The bullish trade got limited out during the Asian session for 60 pips. We are back at the BF786 territory, price bounced off the 618 again on Friday showing the support that exists at that level. If we get another bearish cs formation from current levels we will short it down to the 786. Else we will buy at the 618 if we get a bullish cs formation there again.

SHORT: Will be going short only IF:

We get a bearish cs formation at current levels, or higher up inside the AB swing. Trade this as a PT to the 786.

LONG: Will be going long today only IF:

We get a bullish cs formation at the 618/786. The 618 will be good for 60pips and the 786 as a PT to the BF786.

EUR/USD DAILY FORECAST 4 JULY 2011

EUR/USD

There were no trade setups on Friday.

Today we have a new AB swing in play; price hit the 50 in the last hour. We can only buy at the 618/786 or sell at the BF786, both after cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the BF786 and get a bearish cs formation, trade this to the 618 since we have a 50 prior.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get to the 618/786 and get bullish cs formations, trade the 618 for 50 pips and the 786 PT to the BF786.

GBP/USD DAILY FORECAST 1 JULY 2011

GBP/USD – HOURLY CHART

Yesterday price gave us our bullish cs formation after a dip to the 618 of the bigger swing and the 86 of the smaller, price rallied and we are still in that trade setup. We were stopped out at zero on the previous days trade.

During Asia price tested the lows somewhat giving us a morning star during the session and price has rallied since. We are back at the BF786 sell territory; if we get a bearish cs formation here we will short down to the 786 since we had a 618 prior.

SHORT: Will be going short only IF:

We get a bearish cs formation at current levels. Trade this as a PT to the 786.

LONG: Will be going long today only IF:

We get a bullish cs formation at the 618/786. The 618 will be good for 60pips and the 786 as a PT to the BF786.

EUR/USD DAILY FORECAST 1 JULY 2011

EUR/USD

No trade setups yesterday, but price keeps creeping higher and higher. We will wait for something clearer before we trade this pair. We need a B to form first.

SHORT: WILL ONLY BE GOING SHORT IF:

We have now made a new B high, so there are no short setups at present.

LONG: WILL ONLY BE GOING LONG TODAY IF:

As mentioned above, we have just made a new B high, so we have no seups. We need price down at a 618 and a bullish cs formation, until we confirm a B high we won’t know where the 618 is.